Christophillis & Gallivan | Greenville, South Carolina female lawyers focused on Family Law including Divorce and Child Custody

You Can't Always Get What You Want... Unless you spell it out in your will.

Yes, this is a discussion about two forbidden
topics: death and taxes, but just hear me out. Most of us can agree that
planning for the future is important. We work hard, invest, and plan for
retirement. Equally important is planning for your family and loved ones in the
event of your death. No one wants to make life more difficult for those they leave behind, yet that is exactly
what happens for those people who fail to specify their wishes in a will.

A will is a legal document that details a person's
wishes regarding the management and distribution of their property when they
die. A will can protect your spouse, your children, and your assets. At CG Law,
a basic wills package includes a durable power of attorney, health care
directives, and a will designating your wishes. However, each person’s
situation varies, and your estate plan can be altered to meet your particular
needs.

Do not leave these important decisions to the courts
of our State to sort out.

Here are our Top Five Reasons a Will can help you ‘Get
What You Want’:

1. A
will gives you power to decide how your property is distributed when you die.

If you die
with no will or trust in place (known as dying intestate), the state of South
Carolina has laws governing how to distribute your assets—no matter how many
times you have promised that dining room table to your sister. Without a will,
there are no guarantees that the way that you intended your property to be
handled will be carried out. Specifying your wishes in a legally-binding
document will allow you to make things easier for your loved ones and friends.

2. A will designates custody of your
minor children.

Deciding
the next best person or persons to raise your children is an important decision
that every parent should both
thoughtfully consider and designate. Having a will allows you to appoint the
person of your choice that would benefit your children the most in your
absence. Without a will, the court must decide among your family members or a
state appointed guardian without your input. This decision is too important to
leave up to the courts, so do not wait until it is too late to document your
wishes in a will.

3. A will helps your family avoid a
lengthy probate process.

If you
pass away without a will, the probate process can be extremely lengthy and
emotional. However, an estate with a will tells the court exactly how you would
like for your property to be divided and significantly speeds up the process. Without
a will, the court will decide how to divide your assets based on the state’s
intestate statutes. This means that your assets could be passed to someone in
your family that you may be estranged from or with whom you have a rocky
relationship. Help ease the anxiety of probating your estate by documenting
your wishes in a will.

4. A will allows you to make gifts and
charitable donations that may reduce taxes on your estate.

The value
of gifts to family members and/or charitable donations can reduce the value of
your estate. This may be very beneficial if your estate’s value is over the
federal estate tax exemption. Currently, the estate tax exemption is $5,250,000
meaning you can pass this amount through your estate without paying estate
taxes. If you are an individual with an estate worth more than the estate tax
exemption, then a properly drafted will is a wonderful tool to allow you to
give more of your money to the people and organizations that you love instead
of paying it out in taxes.

5. A will allows you to change your
mind if your life circumstances change.

Making a
will now, does not prevent you from changing your mind as life changes occur.
Changes such as births, deaths, divorce, disinheritance, adoptions, among other
things can make amendments to a will necessary. The good news is that you can
change or revoke your will at any time after you create it.

Do not
wait until it is too late to spell out your wishes for these important
decisions. Meet with legal counsel to have a will created.